ADAUSD Creates Cup And Consolidates

Aug 27, 2021

So, the price has reached a point where buyers and sellers agreed on the consolidation price and the price moved higher. Last nights consolidation looked like an arrow, but it was a triangle that hinted the price wanted to move upwards once the pattern broke to the upside. The volume filled and the price moved higher as I said it would in my last couple charts. Now, we have a nice little cup again, and a handle being created in the form of a bull flag. However, the handle is a bit too high, so at the worst, we have a bull flag. This is the natural consolidation that happens after the side of a cup is created. The price should consolidate further, fill in the gap in buying volume and make a run to test an all new high. If a new high is created, we will have continuation confirmation of our uptrend. If the pattern breaks, we will be back to consolidating. However, this is the less likely scenario.

I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.

Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.

Tell me what you think?

This is not financial advice. DYODD.